Constellation Software Beneish M-Score Historical Data
The historical data trend for Constellation Software's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
|
Constellation Software Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
-2.76 |
-3.18 |
-2.61 |
-2.34 |
-2.36 |
|
Constellation Software Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.34 |
-2.21 |
-2.44 |
-2.42 |
-2.36 |
Competitive Comparison
For the Software - Application subindustry, Constellation Software's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Constellation Software Beneish M-Score Distribution
For the Software industry and Technology sector, Constellation Software's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Constellation Software's Beneish M-Score falls into.
Constellation Software Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Constellation Software for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0634 | + | 0.528 * 1.0008 | + | 0.404 * 1.027 | + | 0.892 * 1.2691 | + | 0.115 * 0.9605 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0012 | + | 4.679 * -0.029177 | - | 0.327 * 1.1205 |
| = | -2.35 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $1,714 Mil.
Revenue was 2321 + 2126 + 2039 + 1918 = $8,404 Mil.
Gross Profit was 2058 + 1876 + 1804 + 1698 = $7,436 Mil.
Total Current Assets was $3,345 Mil.
Total Assets was $10,899 Mil.
Property, Plant and Equipment(Net PPE) was $453 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,021 Mil.
Selling, General, & Admin. Expense(SGA) was $5,095 Mil.
Total Current Liabilities was $5,495 Mil.
Long-Term Debt & Capital Lease Obligation was $2,484 Mil.
Net Income was 190 + 177 + 103 + 94 = $564 Mil.
Non Operating Income was -370 + -85 + -170 + -272 = $-897 Mil.
Cash Flow from Operations was 511 + 513 + 123 + 632 = $1,779 Mil.
|
Total Receivables was $1,270 Mil.
Revenue was 1848 + 1725 + 1618 + 1431 = $6,622 Mil.
Gross Profit was 1619 + 1527 + 1436 + 1282 = $5,864 Mil.
Total Current Assets was $2,466 Mil.
Total Assets was $7,872 Mil.
Property, Plant and Equipment(Net PPE) was $412 Mil.
Depreciation, Depletion and Amortization(DDA) was $819 Mil.
Selling, General, & Admin. Expense(SGA) was $4,010 Mil.
Total Current Liabilities was $3,772 Mil.
Long-Term Debt & Capital Lease Obligation was $1,371 Mil.
|
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1714 / 8404) | / | (1270 / 6622) |
| = | 0.20395 | / | 0.191785 |
| | = | 1.0634 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (5864 / 6622) | / | (7436 / 8404) |
| = | 0.885533 | / | 0.884817 |
| | = | 1.0008 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3345 + 453) / 10899) | / | (1 - (2466 + 412) / 7872) |
| = | 0.651528 | / | 0.6344 |
| | = | 1.027 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 8404 | / | 6622 |
| | = | 1.2691 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (819 / (819 + 412)) | / | (1021 / (1021 + 453)) |
| = | 0.665313 | / | 0.692673 |
| | = | 0.9605 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (5095 / 8404) | / | (4010 / 6622) |
| = | 0.606259 | / | 0.605557 |
| | = | 1.0012 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2484 + 5495) / 10899) | / | ((1371 + 3772) / 7872) |
| = | 0.732086 | / | 0.653328 |
| | = | 1.1205 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (564 - -897 | - | 1779) | / | 10899 |
| | = | -0.029177 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Constellation Software has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
CNSWF has been successfully added to your